Key Control
A control that, if it failed, would be unlikely to be detected by another control in time to prevent a material error — the controls an IFC testing plan should prioritise.
Related terms
- Joint Audit
An engagement where two or more audit firms are jointly responsible for the same audit, each taking responsibility for the work they perform and jointly for the report.
- Key Audit Matters (KAM)
Matters that, in the auditor's professional judgment, were of most significance in the audit of the current period's financial statements, communicated under SA 701.
- Leave Encashment
Payment made to an employee for unused earned leave, either on separation or periodically — like gratuity, typically provided for on an actuarial basis for larger employers.
- Letter of Credit
A bank's conditional undertaking to pay a seller on a buyer's behalf once specified documents are presented, commonly used in import/export trade.
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